Chanticleer
The ‘astonishing’ number in NAB’s profit
There’s a very good reason why new boss Andrew Irvine won’t change the bank’s strategy too much.
About seven months ago, former NAB chief executive Ross McEwan declared that the bank’s full-year cash profit, which leapt 8.8 per cent to $7.7 billion, would never be repeated, as the boost to earnings from a dozen RBA rate increases juiced margins across the banking sector.
McEwan, who retired five weeks ago and handed the reins to Andrew Irvine, was dead right.
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